Karpus Investment Management Announces ISS Recommendation that Preferred Shareholders Vote for all Karpus Nominees and for Karpus' Shareholder Proposal on Green Card

PITTSFORD, N.Y., April 1 /PRNewswire/ -- Karpus Investment Management ("Karpus"), a shareholder of Putnam Municipal Opportunities Trust (NYSE: PMO), announces that Institutional Shareholder Services Inc. ("ISS"), a leading provider of voting advisory services to institutional investors world-wide, recommends that its preferred shareholder clients vote on the GREEN proxy card FOR Karpus' slate of nominees and FOR Karpus' proposal to convert PMO to an open-end format.  

In making its recommendation, ISS noted:  "On matters where interests of ARPS and common holders may diverge, such as open-end conversions, ISS provides separate recommendations for each class of stock. The implementation of Karpus' proposal would require PMO to redeem all ARPS at par value. While open-ending may not be beneficial for common holders at this time, the same does not hold true for ARPS holders. Faced with the liquidity challenges due to the collapse of the auction rate preferred market, and declining dividend rates, we believe that the advantages to the fund's ARPS holders associated with converting the fund to an open-end fund, justify replacing the current board with Karpus' nominees.  As such, supporting Karpus' nominees and a vote FOR Karpus' proposal to convert the fund to an open-end fund is warranted for ARPS holders."

Karpus Investment Management is an independent, fee-based Registered Investment Advisory firm with offices at 183 Sully's Trail, Pittsford, New York 14534.

SOURCE Karpus Investment Management

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